The California and Nevada Credit Union Leagues recently made some important staff additions and role changes to further its aim of changing credit union members’ lives! That’s because supporting credit unions’ operations, awareness, guidance, and strategy remain pivotal going into 2022. To that end, three new team members have been hired and one was transitioned into a new role. They are serving League-member credit union leaders and professionals each day so that credit unions, in turn, can serve their members in local communities across both states. Angelica Pappalardo — Political Advocacy Manager (new hire) Angelica is maximizing value and the political impact of League-member credit unions by ensuring a strong political program through targeted fundraising and strategic candidate support across California and Nevada. For the past eight years, Angelica has served as client relations director for one of Sacramento's premier political consulting firms. Throughout her career, she has managed campaign finances and coordinated various political events, ranging from small and intimate private dinners to large-scale inaugurations. With her expertise in fundraising and development, strategic planning, and communications and relationship management, she has been successful in helping elect dozens of candidates to the California State Legislature. Angelica is well-connected among the California political community and holds a bachelor's degree in communication studies from Cal State Sacramento. Jeff Boian — Vice President of Education and Professional Development (new hire) Jeff is busy rolling out new professional development opportunities for the Leagues’ member credit unions while also enhancing existing training and education opportunities — including (but not limited to) webinars, seminars, and conferences. Jeff has spent nearly 20 years working in the field of higher education where he held a number of roles. These include student life, student services, full-time faculty, and career strategy. Most recently, he was with the Drucker School of Management at Claremont Graduate University. In addition to his new role with the Leagues, Jeff is a senior adjunct professor of career development. Additionally, Jeff has worked with organizations to offer training, consulting, and coaching services. He loves to network and looks forward to connecting with like-minded individuals involved in using education and professional development to help make the lives of credit union members better every day. Jeff has a master’s degree in organizational leadership, along with additional graduate certificates in career and life planning, teaching in higher education, and organizational development and change. He is a certified Master of Career Services and is currently completing his professional coaching certification with the International Coaching Federation. Daniel West — Vice President of Social Impact (new hire) Daniel is the Leagues’ resource on increasing member credit unions’ corporate social responsibility (CSR) footprint in the communities they serve. With a special emphasis in raising financial services/wellness in historically underbanked and underserved communities, Daniel works directly with members to leverage the variety of federal and state funding sources and programs meant to support this work. This includes — but is not limited to — grant writing, program planning, implementation, and technical assistance as needed. Daniel is also working to establish the Leagues as a credible and authoritative voice in the credit union social impact arena, keeping members up to date and informed of industry trends and best practices, as well as providing thought leadership on issues of state and national importance. Daniel has devoted his career to increasing educational and economic opportunity for historically underserved communities. He has worked with both international and domestic organizations in leading efforts to influence, inform, and support the development of policies and programs that support underprivileged areas. Additionally, Daniel has assisted organizations write and secure grant funds to start and expand existing programming that connects students from underserved communities to career education. He has extensive experience providing technical assistance to organizations of various sizes, including coordinating the efforts of multiple stakeholders working toward a common purpose. Lisa Quaranta — Vice President of Regulatory Advocacy and Compliance (new role) Lisa serves as a vital link between League-member credit unions and federal/state regulators, provides timely regulatory and compliance information, and mobilizes credit union leaders to help ensure their voices are heard during the regulatory rule-making process. She also provides leadership and liaison support of the Leagues’ compliance services and programs. Lisa has over 20 years of diverse experience in the credit union industry and brings extensive knowledge of laws and regulations affecting compliance and operations. Prior to joining the Leagues, she provided compliance support to credit unions at ViClarity (formerly PolicyWorks), as well as at general counsel firm Moore Brewer Wolfe Jones Tyler & North. Lisa also previously worked in a variety of operational and lending roles at a credit union based in Southern California. She holds a bachelor's degree in history from Cal State San Bernardino, and she has also earned her Credit Union Compliance Expert (CUCE) designation.
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Today, PSCU – the nation’s premier payments credit union service organization (CUSO) – published the January edition of the PSCU Payments Index, the goal of which is to provide information and insights to help financial institutions make informed, strategic decisions on the road ahead. In this month’s iteration, strong consumer purchasing continued through the extended holiday shopping season (October through December), with the strongest share of weekly purchases – similar to previous years – during the four weeks beginning with Thanksgiving week. The Consumer Confidence Index increased in December with optimism on short-term business conditions and labor markets, yet uncertainty remains as inflation continues to rise. In addition, the Omicron variant has taken center stage in the fight against the COVID-19 pandemic. This month, we present the final installment of our three-part Deep Dive into 2021 Holiday Spending. “While 2021 proved difficult to predict the direction of card and other payment types, 2022 could similarly present the industry with some disruptive surprises,” said Sarah Grotta, director, Debit and Alternative Products Advisory Service for Mercator Advisory Group. “Data in the latter part of 2021, including the all-important holiday shopping period, saw consumers reverting to more typical levels of credit card usage, reversing the trend that we saw over the prior two years in which more transactions were processed on debit cards. As the average consumer savings rate begins to decline and there is an increased return to old habits like dining out and traveling, credit cards will be the payment type of choice. PSCU’s Payments Index data shows that the pandemic is still front and center, driving greater use of contactless transactions in the form of contactless cards, mobile wallets and merchant wallets. Looking ahead, three of the biggest influencers on the payments landscape will be the rate of inflation, regulatory changes, and, unsurprisingly, the evolving path of the pandemic.” A sampling of key takeaways from the January report includes:
As we enter 2022, we will continue to evolve the PSCU Payments Index to deliver timely, relevant insights into consumer spending trends. As consumer preferences and behaviors continue to shift and evolve, the Payments Index will include greater focus on year-over-year changes and fewer comparisons to pre-pandemic 2019. The full report is available for download here or can be shared as a PDF upon request. Additionally, feel free to subscribe here to receive updates when the PSCU Payments Index is published each month. Leading global AI-powered credit decision platform provider, Scienaptic AI announced today that Altura Credit Union has collaborated with its platform for enhanced credit decisioning. Incorporated in 1957 and headquartered in Riverside County, Calif., Altura Credit Union is a not-for-profit financial cooperative providing financial solutions such as loans, investment, savings, credit and debit cards, online banking and other related services to the communities in the state of California. Through Scienaptic's credit decisioning platform, Altura aims to make its credit decisions automated, increase credit availability and stand firm for its Members and communities. “We take immense pride in being a credit union that focuses on the wellbeing and growth of our Members and community,” said Kevin Sherrell, CSO and CLO of Altura Credit Union. “Scienaptic’s credit decisioning platform will automate and personalize our loan decisions allowing us to enhance credit access and offer an exceptional experience to every Member. Altura has always been ahead of its time, and we look forward to this partnership contributing to our success.” Correspondingly, Scienaptic President, Pankaj Jain, cited, “We are eager to be collaborating with Altura Credit Union to help strengthen its loan portfolio. Scienaptic's industry leading AI technology will empower the credit union to increase loan approvals, provide personalized member service and expand its member base, without increasing risk.” Capstone Partners, a leading middle market investment banking firm, advised Payix, a loan repayment technology firm, on its sale to Repay Holdings Corporation (REPAY). REPAY acquired Payix on a cash-free, debt-free basis for up to $115 million. $95 million was paid at closing and up to $20 million may become payable through an earnout, which is contingent upon Payix’s 2022 performance. Based on historical growth trends, Payix is expected to generate top-line and gross-profit growth in excess of 40% annually through 2023. Founded in 2016 and based in Fort Worth, Texas, Payix is a leading omnichannel payment technology platform providing solutions that facilitate payments, data exchange, and communication to support customer service and collection efforts in loan repayment verticals. Payix’s software supports a wide range of payment options and modalities and integrates into loan management systems (LMS) and dealer management systems (DMS) by providing a SaaS approach to collections technology. The acquisition will further enhance REPAY’s position in the automotive vertical and accelerate its expansion into the attractive buy now, pay later space. Payix also brings a complementary sales distribution model—driven by deep integrations with leading LMS and DMS platforms—to accelerate new merchant acquisitions and a proprietary software platform that offers a wide range of omnichannel borrower payment options including via mobile app, web, SMS, agent-assisted, and interactive voice response (IVR). “Capstone Partners provided our team with unparalleled Fintech and M&A experience that allowed our management team and shareholders to realize this significant transaction. The Capstone team provided expert advice all along the way, from the preparation work involved ahead of time, combined with being able to address obstacles along the way,” stated Chris Chestnut, Co-Founder & CEO of Payix. “Amid the ever-growing need for particular financial services industry segments to become more digitalized to increase customer engagement, Payix is at the forefront with its proprietary integrated loan payments technology platform. REPAY’s scale will help accelerate customer adoption for both companies,” commented David Francione, Managing Director and head of Capstone’s Fintech Investment Banking group. “We are thrilled about the acquisition of Payix, a highly complementary business to REPAY,” said John Morris, CEO of REPAY. “With its robust and highly flexible technology platform, Payix creates a uniquely positive experience and adds value for both the lender and borrower. Payix also has a strong pipeline and product roadmap, positioning it well for 2022 and beyond. We look forward to welcoming the Payix team into the REPAY family.” --Payrailz Welcomes Payment Industry Veteran to Drive Payment Product Excellence-- Payrailz®, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, announced it has hired Steven Dubner as Vice President of Payment Products. In this role, he will oversee payment product design, pricing, and promotion of Payrailz’ full range of digital payment solutions. He will also work closely with the company’s strategy and innovation team to create new features and services and to develop new products and use cases. Dubner has more than 30 years of experience in the technology and software industry. He most recently served as Senior Director of Product Management at OSG Billing Solutions, a global provider of leading customer engagement and payment solutions, where he managed electronic presentment and payment solutions, mobile responsive sites, mobile apps, IVR, and their product roadmaps. His deep experience in UI/UX design will be an incredible asset to Payrailz as the company continues to build smart, simple, and engaging payment experiences for its banks’ and credit unions’ end users. With more people transacting digitally than ever before, it is critical that Payrailz supplies the very best user experiences. “I am excited to lead the payment product team at Payrailz. They have certainly built a great digital product set and it is exciting to join a company that is so client centric. I look forward to further supporting Payrailz’ strategic vision through product design and enhancement,” said Dubner. “Over the course of my work in the payments space, I have dedicated my efforts to innovating in the bill pay arena and am excited to work with Payrailz’ innovative bill pay solution and build on the many features the company currently offers.” As Dubner moves into this product role, Payrailz’ former VP of Product Management for Payments, Gereen Langmeyer, has been tapped to lead an expanded role within the company to support client momentum and growth. As VP of Client Excellence, she will now be responsible for making sure Payrailz clients are successful with their payment solutions and get the most out of their interactions with the company. Her efforts will further ensure that clients have the best possible experience throughout their entire journey with Payrailz by providing the resources and relationships necessary to deliver positive and memorable interactions with all levels of business. As an experienced, dedicated, and dynamic management professional, she has a proven capacity to provide support to a company’s strategic goals combined with an ability to recognize and promote the vital importance of the customer experience. “Steve’s overall experience really impressed us, especially the work he has done building the UI/UX for different payment solutions. He will make an exceptional addition to our management team as we continue to reimagine the payments experience and provide solutions that enable banks and credit unions to better compete,” said Fran Duggan, CEO of Payrailz. “At Payrailz, we are always focused on the experiences we provide for our customers and their end-users, and Steve’s skill set will be critical in helping us continue to provide great digital experiences. I am excited to welcome Steve to our Payrailz family and wish both him and Gereen continued success.” On January 11th, 2022 The University of Kentucky Federal Credit Union (UKFCU) presented the Bluegrass Chapter of the American Red Cross with a donation totaling $141,000.00 to aid in the Tornado Relief Fund for Western Kentucky. On December 10th, 2021, Western Kentucky experienced devastating EF4 tornadoes. Overnight, UK Federal Credit Union began the initiative to partner with the Bluegrass Chapter of the American Red Cross, to help raise money that will provide much-needed relief to all those affected by the devastation. UK Federal Credit Union pledged to make an initial donation of $25,000.00 while matching community and member donations dollar-for-dollar up to $45,000.00 with a goal of donating $70,000.00. We are pleased to announce our goal was exceeded because of the outpouring of support from the community and members. In total, UK Federal Credit Union was able to raise $141,000.00 to help support the Tornado Relief Fund. “Our community of members stretches far beyond Lexington. We are a major player in the financial services space, and it is our responsibility and core to our mission to help in times of need,” said David Kennedy, President/CEO. “It has been such a pleasure to see our members embody this mission to help others. These funds will be much needed as our Western Kentucky community begins to rebuild.” Credit union leveraging digital engagement platform through its partnership with Member Driven Technologies. WyHy Federal Credit Union selected the Digital Onboarding engagement platform through its partnership with Member Driven Technologies (MDT), a CUSO that hosts the Episys® core processing system from Symitar® to provide a private cloud alternative for core processing and IT needs. The credit union will leverage the Digital Onboarding platform to give members living in rural Wyoming guided digital journeys that make it easy to adopt account-related services and additional products. “Serving the rural Wyoming community requires WyHy to take a digital-first approach to everything that we deliver to our members,” said Bruce Bryan, Executive Vice President, WyHy Federal Credit Union. “We previously tried to leverage another marketing platform, but it was incredibly complex, and it would have taken a dedicated team more than a year to implement it. The Digital Onboarding platform is built for credit unions, it is simple to use, and it comes with a team that can support us. Finding it was a dream come true.” The Digital Onboarding platform enables WyHy Federal Credit Union to seamlessly create and measure the effectiveness of digital member journeys without heavy lifting from the credit union. The Digital Banking Report’s Account Opening and Onboarding Benchmarking Study showed that 25 to 40 percent of new checking accounts are closed within the first year. Driving early engagement is the key to building long-lasting relationships. Today’s members demand personalized, digital communications and tools that eliminate the friction associated with new member onboarding processes. “Credit unions that serve rural areas need to be especially adept at building relationships via digital channels,” said Ted Brown, CEO, Digital Onboarding. “WyHy Federal Credit Union is innovative in its approach to being a digital-first institution. I am thrilled to help the team further its mission of building valued relationships by delivering personalized financial options.” The Digital Onboarding engagement platform triggers emails and text messages that connect new account openers with personalized microsites. The platform’s digital, self-service tools allow members to update direct deposits and default card payment methods in seconds. The platform also helps members adopt digital banking services and other products that drive cost savings, satisfaction, and primacy. A new study from Juniper Research has found that the value of global eCommerce payment transactions will exceed $7.5 trillion by 2026, from $4.9 trillion in 2021. This growth rate of 55% over the next five years will be driven by retailers offering compelling omnichannel retail experiences that increase user eCommerce spend. Omnichannel retail is a model that provides end users with the ability to access retail services, including sales and customer support, via multiple channels. The new research, eCommerce Payments: Emerging Trends, Opportunities & Market Forecasts 2022-2026, predicts that these channels, including online, mobile and physical retail locations, will be instrumental for future success. This is because users expect the same services to be available irrespective of the channel. Additionally, it found that there are increasing appetites for new payment methods within eCommerce checkouts, including Open Banking-facilitated payments and digital wallet one-click checkout buttons. Accordingly, it recommends that merchants ensure payment options match changing user expectations, or they will be rapidly left behind. For more insights, download the free whitepaper: Omnichannel and the New eCommerce Payments Experience Platforms Must Emulate China’s eCommerce Success The research found that by 2026, China will account for over 37% of global eCommerce payments by transaction value, owing to its established and extensive eCommerce and payments landscape that provides greater convenience for users via easily accessible alternative payment methods. Additionally, the research recommends prioritising digital wallets, Open Banking facilitated payments and cryptocurrencies to emulate the eCommerce success experienced in China. To do so, it recommends that platform providers partner with specialists in these specific emerging payment areas to keep pace with changing merchant expectations around acceptance types. Physical Goods Dominate eCommerce Spend The research forecasts that physical goods will account for 82% of the global eCommerce payments transaction value by 2026. It urges payment providers to support BNPL, an alternative payment method that integrates fixed instalment plans and flexible credit in eCommerce checkout options, to capitalise on the continuing growth of eCommerce due to the ongoing global COVID-19 pandemic. Leading credit union core processor Corelation Inc., continued its success in serving credit unions last year (2021), signing 19 credit unions (cumulative total $8 billion in assets/576,000 members) and converting another 32 credit unions (cumulative total $18.7 billion in assets/1.4 million members) to leverage its progressive KeyStone core platform. To date, Corelation has 170 total credit unions signed to use KeyStone. Among the many reasons for signing with and converting to Corelation’s KeyStone, credit unions were looking for more freedom in working with third-party vendors, leveraging the core processor’s open API (KeyBridge). This open API allows them to integrate in real time with nearly any financial technology on the market today. Other credit unions were excited to use the core’s intuitive user interface that allows staff to complete work in a familiar, browser-based interface. This ease of use allows staff to work closer with members, meeting their needs in a more timely manner than ever before. Additional clients found Corelation’s culture, reputation, and “More in the Core” mantra a perfect fit for better serving their members’ evolving needs in today’s rapidly changing digital era. Check out the sampling of Corelation’s new credit union client responses from 2021 … “After experiencing how powerful KeyStone is, our entire core selection committee was left speechless as we imagined the possibilities this core will offer,” explained Fort Community Credit Union CEO Sue Johnson. “After our very first demo of the KeyStone solution, we asked Corelation to pencil in our conversion date.” “KeyStone’s modern, intuitive user interface will enable our employees to complete their tasks with ease so they can focus on building relationships with our members,” remarked Statewide Federal Credit Union CEO Casey Bacon. “As our credit union grows and evolves, we need modern technology that will enable us to provide the best solutions for our members.” “Corelation’s focus on one product [KeyStone] and dedication to continuously enhancing that product really resonated with us,” explained NIH Federal Credit Union Executive Vice President and Chief Operating Officer Jesse Boyer. “KeyStone will allow our credit union to better serve our very important membership. We especially look forward to more efficient integrations with our digital banking and interactive teller machines.” “With KeyStone’s ‘More in the Core’ approach, person-centric model, and more efficient processing on the back end, we can concentrate on giving our members the best possible banking experience,” stated Jeff Ference, Lafayette FCU’s Senior Vice President of Operations. “KeyStone’s open API [KeyBridge] coupled with their newly added support for the Linux operating system will offer exciting future growth potential for Lafayette FCU.” “It was crucial for us to choose a core solution that was designed with a modern programming language and that has a proven open API, which allows for real-time integration and transaction processing,” said Red Rocks Credit Union President/CEO Pat Ahern. “Many core systems speak to having an open API, but Corelation’s API [KeyBridge] offers true integration.” “Our entire team agrees that KeyStone offers the best built-in features and functionality and the most intuitive user experience,” explained USX Federal Credit Union President/CEO Mark A. Volponi. “As we work towards our goal of upgrading our digital offerings, KeyStone’s open architecture and API [KeyBridge] will greatly expand our ability to integrate with third-party vendors.” “Our ‘More in the Core’ mission is all about providing our credit union partners with the most user-friendly, future-focused technology available and complementing it with unparalleled service,” shared Corelation CEO Theresa Benavidez. “Once again, our talented team exceeded all expectations in accomplishing this goal in 2021. We are incredibly proud of them and their hard work in playing such a significant role helping enhance credit unions’ relevancy in the financial services marketplace. “Like 2021, we see 2022 as another pivotal year for credit unions to leverage the latest technology, striving even further to better serve their members,” she added. “We are honored to serve them with their unique needs to make this aim a reality.” IMM and Compliance Systems Partner to Deliver Advanced Compliance Documents with eSignatures1/13/2022 Automated document compliance platform now features real-time eSignatures to provide superior customer experience IMM, the only eSignature provider that specializes in eSignature and digital transaction solutions exclusively for financial institutions, and Compliance Systems, the financial industry’s leading provider of modern digital and dynamic compliance documentation, announced a strategic partnership to provide financial institutions a more streamlined, digital-first banking platform with embedded compliance. IMM’s flagship eSignature platform, IMM eSign, will be seamlessly integrated with Compliance Systems’ dynamic compliance document technology solution, enabling community banks and credit unions to offer eSignatures for transaction documents. IMM’s real-time integration with Compliance Systems will enable community banks and credit unions to offer eSignatures for dynamic documents generated with Compliance Systems technology. Compliance Systems provides regulatory updates in the cloud, ensuring all required data is present and validated for each transaction, mitigating risk at the root level. The newly integrated solutions provide an automated, simplified and more efficient process to ensure documents are compliant and electronically signed so that institutions can complete document transactions faster, with increased accuracy. “We are focused on providing banks and credit unions advanced, innovative solutions that efficiently address the complex challenges associate with compliance,” said Chris Appie, president, Compliance Systems. “Working with IMM, we will be able to deliver a sophisticated digital platform that addresses the growing demands from today’s increasingly mobile society. By providing remote eSignatures, banks and credit unions can provide a superior, digital-first experience, developing stronger relationships with existing customers, and expand into new markets.” The integrated compliance platform with eSignature capabilities enables institutions to maintain compliant transactions and mitigate risks while optimizing deposit and lending digital-first initiatives to provide a more engaging, positive consumer experience. Additionally, banks and credit unions have full control of content configuration including the ability to quickly adapt document language to meet specific requirements. Together, IMM and Compliance Systems have developed this digital-first compliance solution that simplifies and automates the traditionally complex and cumbersome compliance process. “We are very pleased to be entering into a partnership with Compliance Systems,” said Steve LaCarter, vice president of sales and business development, IMM. “The synergy between our two organizations was immediately apparent and we view the Compliance Systems team as an extension of our team. Together, we’ve collaborated to provide community financial institutions the technology tools needed to thrive in today’s increasingly competitive market.” Originally posted on Global Fintech Series. |
Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
May 2024
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